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Williams Companies
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Q1 2024 Earnings Call Presentation
| Alan Armstrong | Page 36 of 11 |
May 19, 2024
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"Q1 2024 Earnings Call Presentation"
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Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015-2017 cont. Other Impairment of certain assets — — — 64 64 — 747 — 8 755 — 23 68 — 91 Regulatory adjustments resulting from Tax Reform — — — — — — — — — — — — — 63 63 Settlement charge from pension early payout program — — — — — — — — — — — — — 36 36 (Gain) loss related to Canada disposition — — — — — — — 65 1 66 (2) (1) 4 5 6 Canadian PDH facility project development costs — — — — — 34 11 16 — 61 — — — — — Accrued long-term charitable commitment — — — 8 8 — — — — — — — — — — Severance and related costs — — — — — 5 — — 13 18 9 4 5 4 22 ACMP Merger and transition costs 8 9 7 12 36 2 — — — 2 — 4 3 4 11 Expenses associated with strategic alternatives — 7 19 6 32 6 13 21 7 47 1 3 5 — 9 Expenses associated with Financial Repositioning — — — — — — — — — — 8 2 — — 10 Expenses associated with strategic asset monetizations — — — — — — — — 2 2 1 4 — — 5 Loss related to Geismar Incident 1 1 — — 2 — — — — — — — — — — Geismar Incident adjustments — (126) — — (126) — — — (7) (7) (9) 2 8 (1) — Gain on sale of Geismar Interest — — — — — — — — — — — — (1,095) — (1,095) Gain on sale of RGP Splitter — — — — — — — — — — — (12) — — (12) Contingency (gain) loss accruals — — — (9) (9) — — — — — 9 — — — 9 (Gain) loss on early retirement of debt — (14) — — (14) — — — — — (30) — 3 — (27) Gain on sale of certain assets — — — — — (10) — — — (10) — — — — — Total Other adjustments 9 (123) 26 81 (7) 37 771 102 24 934 (13) 29 (999) 111 (872) Adjustments included in Modified EBITDA 106 (29) 104 32 213 138 891 189 (104) 1,114 (5) 54 174 842 1,065 Adjustments below Modified EBITDA Impairment of equity-method investments — — 461 898 1,359 112 — — 318 430 — — — — — Impairment of goodwill — — — 1,098 1,098 — — — — — — — — — — Gain on disposition of equity-method investment — — — — — — — (27) — (27) (269) — — — (269) Interest expense related to potential rate refunds associated with rate case litigation — — — — — 3 — — — 3 — — — — — Accelerated depreciation related to reduced salvage value of certain assets — — — 7 7 — — — 4 4 — — — — — Accelerated depreciation by equity-method investments — — — — — — — — — — — — — 9 9 Change in depreciable life associated with organizational realignment — — — — — — — — (16) (16) (7) — — — (7) ACMP Acquisition-related financing expenses - Williams Partners 2 — — — 2 — — — — — — — — — — Interest income on receivable from sale of Venezuela assets — (9) (18) — (27) (18) (18) — — (36) — — — — — Allocation of adjustments to noncontrolling interests (33) 21 (212) (767) (991) (83) (154) (41) (76) (354) 77 (10) (28) (199) (160) (31) 12 231 1,236 1,448 14 (172) (68) 230 4 (199) (10) (28) (190) (427) Total adjustments 75 (17) 335 1,268 1,661 152 719 121 126 1,118 (204) 44 146 652 638 Less tax effect for above items (28) 4 (129) (473) (626) (61) (202) (39) 19 (283) 77 (17) (55) (246) (241) Adjustments for tax-related items (2) 5 9 1 (74) (59) — 34 5 — 39 (127) — — (1,923) (2,050) Adjusted income available to common stockholders $ 122 $ 110 $ 167 $ 6 $ 405 $ 26 $ 146 $ 148 $ 130 $ 450 $ 119 $ 108 $ 124 $ 170 $ 521 Adjusted diluted earnings per common share (1) $ .16 $ .15 $ .22 $ .01 $ .54 $ .03 $ .19 $ .20 $ .17 $ .60 $ .14 $ .13 $ .15 $ .20 $ .63 Weighted-average shares - diluted (thousands) 752,028 752,775 753,100 751,930 752,460 751,040 751,297 751,858 752,818 751,761 826,476 828,575 829,368 829,607 828,518 2015 2016 2017 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year (1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. (2) The fourth quarter of 2015 includes an unfavorable adjustment related to the translation of certain foreign-denominated unrecognized tax benefits. The second and third quarters of 2016 include a favorable adjustment related to the reversal of a cumulative anticipatory foreign tax credit. The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance. The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform.